The company Midex, which offers international crypto-currency exchange services, carried out a social experiment in which several employees, who were being hired by different companies around the world, were offered the option of receiving their salaries in crypto-currencies. The reactions were mixed, as were the opinions.
The company conducted the experiment with 50 participants and 5 international charitable organizations that are not related to the cryptocurrencies.
To do the experiment, Midex recorded the reactions of several of the subjects with hidden cameras and then posted the video on its official YouTube channel.
The exchange and blockchain infrastructure company for businesses reached an agreement with the directors of the different offices of the organizations in several countries to propose to the employees that they would be using the aforementioned payment option together with the traditional fiat money option.
Overall, the study found that 36% of the workers were willing to accept a portion of the salary with cryptocurrencies; while 2 of the employees agreed to accept the entire salary with those assets. Regarding the reactions and the experiment, Midex said:
It was quite interesting to see how ordinary office workers would react to this if they were offered a salary or a share in cryptocurrencies.
All employees, of various nationalities and languages, had time to consider the offer and read or review the contract calmly and alone. The vast majority decided to call someone (a friend or family member) for advice; however, according to the video, almost everyone had at least a basic idea of what the cryptocurrencies were.
Both men and women were surprised at the first reaction. One of the girls said that if it was a joke and another of the men thought that was not possible. After the offer, a man asked several times, with insistence, if it was legal and if he was absolutely sure. The latter, after thinking about it, said, “Okay, let’s do it!”.
One of the guys, quite young, was open and said he thought it was great. Another of the men even took his time to relax and smoked a little with his vaporizer while reading the contract, and finally decided to accept the deal with the crypto coins. The boy who had been open to the offer ended up accepting the traditional fiat money after consulting someone on the phone call; on the contrary, one who had not shown such enthusiasm indicated that he was interested and would take the novel offer.
PROS AND CONS
It is quite possible that a large part of the refusals in the study are due to a lack of information on the mechanism of the cryptocurrencies and their functioning in the “real world”. However, it must be said that these assets have some drawbacks: the legal situation may be a grey area in many countries or illegal in others; asset regulations can lead to undesirable hassles for employees, such as making it difficult for them to switch to fiat money. Also, in some territories, extra taxes are imposed on the use or exchange of cryptocurrencies.
On the other hand, in terms of advantages, cryptocurrencies could also be easily changed in many platforms and countries. Transactions are fast, cheap and secure: they function as a global currency, so there may be no need to make changes in other territories and no reliance on a bank or centralised entities.
Of course, the volatility factor can work both ways: on the one hand, as with any investment, there is the risk of loss, but on the other hand, with the increase in the value of a given cryptocurrency, the employee could see his or her salary increase in a short time.